Pie in the sky for middle class
June 29, 2001
The other day a group of hardworking Thais from across
the socioeconomic spectrum held a political workshop to discuss the bright
future ahead. Without the workshop, they probably would never have come
together like this. Indeed, workshops are Prime Minister Thaksin Shinawatra’s
greatest contribution to Thailand’s public policymaking.
It is probably the first time that Mr Banker, Mr En Pee Elle, Mr Middle
Class, Miss Street Vendor and Mrs Farmer had taken part in such a workshop.
They were seemingly in high spirits about it.
The objective of the workshop was to discuss who among the participants
benefited the most from the Thaksin government’s bonanza. In January,
they had taught the Democrats a dear lesson by voting them out – the Chuan
administration had failed to heed their individual needs.
The Democrats were just interested in tackling the baht and interest
rates without paying any attention to the “rice and fish” problem. The
workshop participants all voted for Thai Rak Thai on January 6 because
the party had told them that it would pay more attention to rice and fish
problems.
Moreover, the Thaksin alternative had readymade answers for their economic
woes, so that they didn’t actually have to do anything.
“I don’t understand why the news is saying that the economic situation
is getting worse when my life is improving a thousand times since Khun
Thaksin has become prime minister,” said Mrs Farmer.
“I totally agree. You are the one who gains the most among us because
you don’t have to repay your debt to the Bank for Agriculture and Agricultural
Cooperatives for three years,” said Miss Street Vendor. “Just imagine
how much money you will have left in your pocket to buy on the underground
lottery over the next three years.”
Mrs Farmer gave a big grin.
“I myself have to pay interest to that Rama Singh, who runs a loan shark
operation every day. When I have no money to pay, he chases after me around
the fresh market as if I were a thief,” said Miss Street Vendor.
Mr Middle Class raised his hand to speak. “But Miss Street Vendor, I
can see your fortunes are shining for the better. Khun Thaksin has just
set up the People’s Bank for you to borrow money from. I have never seen
any kind government like this before in my life,” he said.
“Oh, yeah, it’s the people’s hope. But I don’t know when I am going to
get my Bt15,000 loan to keep my noodle shop going. There are so many people
queuing up for the loans. Still, I have faith in the People’s Bank. It’s
much better than borrowing money from Rama Singh. He would never give
me a break with his 60percent interest rate. When I get the loan from
the People’s Bank, I will repay all the Bt5,000 I owe to Rama Singh.”
Mr Middle Class turned to speak to Mrs Farmer. “Your village is about
to get Bt1 million beginning next month to do whatever you people want
to do. You’re very lucky,” he said.
“Yes, we’re lucky. We are about to discuss what we would spend the money
on. But too bad it will not be enough to build a golf course,” said Mrs
Farmer.
“Still,” he said, “it is a huge sum of money, the like of which I have
never seen before in my entire life, although I work as a clerk in a highrise
building on Silom Road. I just wish I were born a farmer like you, Mrs
Farmer.”
“That’s too much Mr Middle Class,” said Mrs Farmer, blushing proudly.
“Even more so, you’ll pay only Bt30 to your doctor per visit. That’s
the kind of deal I would love to get,” said Mr Middle Class.
Miss Street Vendor added: “But I have heard that Mr Banker and Mr En
Pee Elle will be much better off than all of us because they will benefit
from the . . .err . . .”
“The TAMC,” Mr Banker said. “Yeah, I agree that this government is gentler
and kinder than the previous one, which just went after us to close down
our banks. The Thai Asset Management Corporation will buy out our bad
debts. We are happy to transfer some of our garbage to the government.”
“But your bank has been saved by the previous government and our deposits
are still there,” said Mr Middle Class.
“But enough is never enough,” said Mr Banker
Mr En Pee Elle joined in: “But with the TAMC as a scratch to your stomach,
at least you get something rather than nothing.”
“We’ll get only Bt250 billion in financial assistance from the TAMC.
You know, it is a very small amount. Indeed, we really need Bt1 trillion
to keep us going because we have to satisfy all kinds of silly banking
regulations. But we understand that the government would need to spend
most of the Bt1 trillion on the state banks, which are such an embarrassment
to the banking world,” Mr Banker explained.
“Still, we have no complaint because we just hated the Democrat government.
If Khun Thaksin is to go under the sword of the Constitution Court, then
we all will be in big trouble. Nominees are a normal practice everywhere,
so I think the court should show mercy for the sake of the nation’s survival.”
“I agree. I’d rather face the TAMC than confront the FRA [Financial Sector
Restructuring Authority] again, which only did a haircut on the debt for
the big names. A small fry like me was squeezed by the throat,” said Mr
En Pee Elle.
“This time I hope the TAMC will forgive 80 or 90 per cent of my debt
so that I may have some money left to buy a new Volkswagen Beetle for
my daughter. She is tired of her BMW already. My wife has not changed
her habit of flying over to London once a month to do her shopping,” he
added.
“After listening to you all, I don’t see that I will get anything from
the government’s bonanza,” said Mr Middle Class.
All the other participants then realised that Mr Middle Class had been
left out of the equation.
“You all get a piece of the cake. I along with all Bangkokians voted
for Thai Rak Thai. But I am beginning to understand that I was stupid
to support the party because I get nothing in return.”
“Pity you, Mr Middle Class,” said Mr Banker.
Thanong Khantong
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